{"id":142501,"date":"2018-10-24T10:23:14","date_gmt":"2018-10-24T09:23:14","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=142501"},"modified":"2024-03-14T13:33:50","modified_gmt":"2024-03-14T13:33:50","slug":"what-is-defined-as-a-cash-advance","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/credit-cards\/what-is-defined-as-a-cash-advance","title":{"rendered":"What is a cash advance?"},"content":{"rendered":"<p>Most credit cards let you get cash or a \u201ccash equivalent\u201d using your account. Known as a \u201ccash advance\u201d, these transactions often attract an upfront fee followed by a higher interest rate than regular purchases. Cash advances also come with other restrictions, such as not being eligible for <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/what-does-up-to-55-days-interest-free-really-mean\">interest-free days<\/a> or reward points, and they <a href=\"https:\/\/www.finder.com\/uk\/cash-advance-credit-score\">can harm your credit score<\/a>.<\/p><p>If you\u2019re worried about your credit score, you can <a data-trigger-introductory-modal=\"true\">check it for free, along with your credit report<\/a>, through Finder.<\/p><h3>What is a cash advance on a credit card?<\/h3><p>A credit card cash advance is normally a transaction that gives you quick access to cash via a cashpoint or bank. It typically comes with a high interest rate that begins to accumulate immediately (you can\u2019t take advantage of the usual \u201c<a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/what-does-up-to-55-days-interest-free-really-mean\">up to 55 days interest-free<\/a>\u201c). \u201cCash-like\u201d transactions, such as buying foreign currency, can also be classed as cash advances by your card issuer. Credit card providers have individual terms they use to define cash advances, and these definitions will be clearly outlined in the \u201csummary box\u201d and terms and conditions of your card.<\/p><p>Here, we\u2019ve outlined the range of transactions that may be classified as cash advances and attract the cash advance rates and fees.<\/p><h4>Common types of cash advance<\/h4><ul><li><strong>Cash machine withdrawals.<\/strong> Using your credit card to withdraw money from a cashpoint or at the checkout is a cash advance. Additional fees could also apply if you use your credit card at a non-network ATM.<\/li><li><strong>Buying foreign currency or traveller\u2019s cheques.<\/strong> Using your credit card to buy foreign currency or traveller\u2019s cheques is not a good idea. Such transactions will attract your card\u2019s cash advance interest rate. Instead, if you\u2019re going overseas, you should look into a <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/best-credit-card-to-use-overseas\">card specifically designed for travel<\/a>.<\/li><li><strong>Spending money at a casino.<\/strong> It\u2019s <a href=\"https:\/\/www.gamblingcommission.gov.uk\/public-and-players\/guide\/gambling-using-a-credit-card\" target=\"_blank\" rel=\"noopener\">illegal for betting sites or casinos to take credit card payments for gambling<\/a> purposes. But any other purchases at these establishments (perhaps food and drinks) can be made using a credit card and are treated by your card issuer as cash advances.<\/li><li><strong>Funding an account at a crypto exchange.<\/strong> It\u2019s generally a really bad idea to use a credit card to buy <a href=\"https:\/\/www.finder.com\/uk\/cryptocurrency\">cryptocurrency<\/a>, because it\u2019s very volatile, and you could easily end up in negative equity (owing more than an asset has become worth). Many exchanges don\u2019t take credit cards anyway, and many card issuers don\u2019t allow payments to exchanges at all. But where it\u2019s possible, it may well be classed as a cash advance.<\/li><\/ul><div class=\"did-you-know u-bg--sky-subtle u-rounded--lg\" data-component=\"did-you-know\">\n        <div class=\"did-you-know__block\">\n        <h4 class=\"did-you-know__title\">\n            <span class=\"did-you-know__title-icon\">\n                <svg width=\"32\" height=\"32\" viewbox=\"0 0 32 32\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n                    <circle cx=\"16\" cy=\"16\" r=\"12\" fill=\"#00B2FF\"><\/circle>\n                    <path d=\"M17.5 22.5C17.5 22.7967 17.412 23.0867 17.2472 23.3334C17.0824 23.58 16.8481 23.7723 16.574 23.8858C16.2999 23.9993 15.9983 24.0291 15.7074 23.9712C15.4164 23.9133 15.1491 23.7704 14.9393 23.5607C14.7296 23.3509 14.5867 23.0836 14.5288 22.7926C14.471 22.5017 14.5007 22.2001 14.6142 21.926C14.7277 21.6519 14.92 21.4176 15.1667 21.2528C15.4133 21.088 15.7033 21 16 21C16.3978 21 16.7794 21.158 17.0607 21.4393C17.342 21.7206 17.5 22.1022 17.5 22.5ZM16 9C13.2425 9 11 11.0188 11 13.5V14C11 14.2652 11.1054 14.5196 11.2929 14.7071C11.4804 14.8946 11.7348 15 12 15C12.2652 15 12.5196 14.8946 12.7071 14.7071C12.8946 14.5196 13 14.2652 13 14V13.5C13 12.125 14.3463 11 16 11C17.6538 11 19 12.125 19 13.5C19 14.875 17.6538 16 16 16C15.7348 16 15.4804 16.1054 15.2929 16.2929C15.1054 16.4804 15 16.7348 15 17V18C15 18.2652 15.1054 18.5196 15.2929 18.7071C15.4804 18.8946 15.7348 19 16 19C16.2652 19 16.5196 18.8946 16.7071 18.7071C16.8946 18.5196 17 18.2652 17 18V17.91C19.28 17.4913 21 15.6725 21 13.5C21 11.0188 18.7575 9 16 9ZM29 16C29 18.5712 28.2376 21.0846 26.8091 23.2224C25.3807 25.3603 23.3503 27.0265 20.9749 28.0104C18.5995 28.9944 15.9856 29.2518 13.4638 28.7502C10.9421 28.2486 8.6257 27.0105 6.80762 25.1924C4.98953 23.3743 3.75141 21.0579 3.2498 18.5362C2.74819 16.0144 3.00563 13.4006 3.98957 11.0251C4.97351 8.64968 6.63975 6.61935 8.77759 5.1909C10.9154 3.76244 13.4288 3 16 3C19.4467 3.00364 22.7512 4.37445 25.1884 6.81163C27.6256 9.24882 28.9964 12.5533 29 16ZM27 16C27 13.8244 26.3549 11.6977 25.1462 9.88873C23.9375 8.07979 22.2195 6.66989 20.2095 5.83733C18.1995 5.00476 15.9878 4.78692 13.854 5.21136C11.7202 5.6358 9.76021 6.68345 8.22183 8.22183C6.68345 9.7602 5.63581 11.7202 5.21137 13.854C4.78693 15.9878 5.00477 18.1995 5.83733 20.2095C6.66989 22.2195 8.07979 23.9375 9.88873 25.1462C11.6977 26.3549 13.8244 27 16 27C18.9164 26.9967 21.7123 25.8367 23.7745 23.7745C25.8367 21.7123 26.9967 18.9164 27 16Z\" fill=\"#232320\"><\/path>\n                <\/svg>\n            <\/span>\n            <span class=\"did-you-know__title-text\">How does the bank categorise a cash advance?<\/span>\n        <\/h4>\n        <div class=\"did-you-know__content\">\n            <p>When you use your credit card, a \u201cMerchant Category Code\u201d (MCC) is sent, along with the name of the merchant and the amount of the transaction, from the payment network to your bank. That means your bank doesn\u2019t know what you buy, but it knows where you buy it. If the MCC identifies that the merchant is a cash machine, or a travel money store, or a casino, for example, then the transaction will probably be categorised by your bank as a cash advance.<\/p>\n        <\/div>\n    <\/div>\n<\/div>\n<div itemscope=\"\" itemtype=\"https:\/\/schema.org\/FAQPage\"><div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h4 itemprop=\"name\">Does getting cashback at the till count as a cash advance?<\/h4><div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>No, cashback at the till usually won\u2019t be classed as a cash advance. It\u2019ll be classed as a purchase. However, most merchants won\u2019t let you get cashback on a credit card.<\/p><p>Merchants pay a percentage-based fee on credit card transactions, so say you spend \u00a31 and get \u00a3100 cashback, the merchant would almost certainly lose money on the transaction. A few merchants might let you get away with it, and in these cases, it\u2019s probably because they haven\u2019t \u201cclosed the loop\u201d yet (and don\u2019t realise they\u2019re losing money each time).<\/p><p>In theory, if you got cashback at a merchant whose Merchant Category Code (MCC) identified it to your bank as being a merchant primarily offering cash-like services (travel money, betting, etc.), then the whole transaction might be classed as a cash advance. An example would be getting cashback at the bar in a casino while buying a round of drinks.<\/p><\/div><\/div><\/div><div itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h4 itemprop=\"name\">Does buying gift cards count as a cash advance?<\/h4><div itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>No, buying gift cards usually won\u2019t be classed as a cash advance. It\u2019ll be classed as a purchase. Your card issuer will know how much you spent and where you spent it, but they won\u2019t know what you bought.<\/p><p>In fact, buying gift cards can be a hack used by those seeking to maximise credit card rewards or wanting to take advantage of a limited-time partnership between a card issuer and a merchant (perhaps if they regularly spend money at a particular store but don\u2019t need to buy anything right now). If you decide to give this a go yourself, make sure you check out the T&amp;Cs because there might be an exemption for gift cards.<\/p><p>Some merchants won\u2019t let you buy gift cards with a credit card, because of the percentage-based processing fees they have to pay. However, many are willing to shoulder this, because they know that a small proportion of gift cards never get redeemed.<\/p><\/div><\/div><\/div><\/div><h4>Other transactions that may be defined as a cash advance on your credit card<\/h4><ul class=\"list-7\"><li><strong>Transferring between accounts.<\/strong> When you use your credit card account to transfer funds to a current account, your card issuer may view it as a cash advance. A good way to avoid paying interest on such transactions is to use your debit card instead. If you plan to use your credit card for electronic transfers, review the fees and charges at the onset.<\/li><li><strong>Paying for an international money transfer with a specialist service.<\/strong> Arranging a cash pickup through Moneygram? Beating the bank on fees by using Wise to transfer money overseas? This may be classed as a \u201ccash advance\u201d by your card issuer.<\/li><li><strong>Paying bills.<\/strong> Some credit card providers may consider making a mortgage or utility bill payment as a cash advance. Contact your provider for clarification.<\/li><li><strong>Buying stocks and shares.<\/strong> Your card provider may consider this a cash advance.<\/li><\/ul><p><img decoding=\"async\" class=\"alignright size-full wp-image-971569\" src=\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2009\/11\/woman-phone-card-250x250.png\" alt=\"woman-phone-card 250x250\" width=\"250\" height=\"250\" srcset=\"https:\/\/www.finder.com\/finder-au\/wp-uploads\/2009\/11\/woman-phone-card-250x250.png?fit=180 180w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2009\/11\/woman-phone-card-250x250.png?fit=360 360w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2009\/11\/woman-phone-card-250x250.png?fit=600 600w, https:\/\/www.finder.com\/finder-au\/wp-uploads\/2009\/11\/woman-phone-card-250x250.png?fit=750 750w\" sizes=\"(max-width: 750px) 100vw, 750px\" loading=\"lazy\"><\/p><h3>Where can I find the cash advance fees and charges for my credit card?<\/h3><p>Most credit card issuers will charge both a cash advance fee and a cash advance interest rate for applicable transactions. If you want to know what you\u2019ll be charged, you can usually find these details under your card\u2019s product disclosure statement or terms and conditions under \u201cfees and charges\u201d.<\/p><p>Details of the cash advance interest rate are also included in the \u201cKey Facts Summary\u201d that credit card issuers must provide when you\u2019re considering their card. But if you\u2019re unsure or can\u2019t find this information, contact your credit card issuer to confirm what rates and fees apply before choosing a credit card or using one for a cash advance.<\/p><h3>What you need to know about cash advances<\/h3><p>Cash advances are not treated the same as a regular purchase, and if you are planning to use your card for a cash advance, here\u2019s what you need to know:<\/p><ul class=\"list-3\"><li><b>Maximum withdrawal limits. <\/b> It\u2019s not uncommon for credit cards to have daily, weekly and monthly cash advance limits in place. Maximum daily cash advance limits usually range from \u00a3100 to \u00a3500. Most providers only allow you to withdraw cash as a percentage of your overall credit limit, so don\u2019t assume you have the full balance available.<\/li><li><b>High interest.<\/b> Interest rates for cash advances can be up to around 40%, which is considerably high. This makes cash advances a rather expensive form of credit, and if you\u2019re not in a hurry, getting a personal loan might be a better option.<\/li><li><b>No interest-free periods.<\/b> Most credit cards allow cardholders an <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/0-purchase-credit-cards\">interest-free period<\/a> if they pay their closing balance in full each month. These interest-free periods only apply to purchases and not to cash advances. When you use your card for a cash advance, it starts accruing interest immediately.<\/li><li><b>Cash advance fees.<\/b> In addition to paying a high cash advance interest rate, you could also have to pay a cash advance fee. Typically, this is a percentage, for example, 3% of the transaction, with a minimum charge of \u00a33. With this in mind, it\u2019s better to withdraw a bigger amount in one go rather than make repeated trips to the cashpoint, as each withdrawal attracts a separate fee.<\/li><li><b>Minimum withdrawals. <\/b>While you can use your credit card to pay for the smallest possible purchases, when it comes to withdrawing cash, you may have to deal with a minimum withdrawal amount of \u00a310 or more.<\/li><\/ul><h3 id=\"alternative-to-cash-advance\">What else should I consider before getting a cash advance?<\/h3><p>Instead of using your credit card to make a cash advance, consider opening a <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/money-transfer-credit-cards\">money transfer credit card<\/a>. Admittedly, there aren\u2019t many available on the market, so they\u2019re not easy to come by. But these types of cards allow you to transfer money from your credit card to your current account with little-to-no interest charged for an introductory period. However, you must make the minimum monthly payments on time or face running up huge charges.<\/p><p>If you plan on using your credit card for a cash advance, consider the following to help keep costs to a minimum:<\/p><ul class=\"has-margin-bottom\"><li><b>Will you earn reward points? <\/b>Typically, you won\u2019t earn reward points for cash advances unless the credit card comes with some kind of promotional offer.<\/li><li><b>Are you overseas? <\/b>If you\u2019re considering using your credit card for a cash advance while travelling overseas, take into account that you could have to pay extra in the form of ATM fees and international transaction fees. Some cards offer <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/best-credit-card-to-use-overseas\">0% or low interest foreign transaction and currency conversion fees<\/a>.<\/li><li><b>What other options are there? <\/b>If you want to use your credit card, see if there\u2019s a way to make a purchase instead of a cash advance. For example, if you can pay with your card instead of cash, you won\u2019t need to withdraw money from your account. You could also use your debit card, consider getting a <a href=\"https:\/\/www.finder.com\/uk\/personal-loans\">personal loan<\/a> or ask your bank if it can provide a line of credit or an overdraft facility.<\/li><li><strong>Do you want purchase protection?<\/strong> If you pay with a credit card instead of cash, you could be entitled to protection if something goes wrong with your purchase. Under <span>Section 75 of the Consumer Credit Act, the <a href=\"https:\/\/www.finder.com\/uk\/credit-cards\/what-happens-when-you-get-a-credit-card-refund\">credit card provider<\/a> along with the retailer can be jointly responsible if you don\u2019t get what you paid for.<\/span><\/li><li><strong>How much do you want to withdraw?<\/strong> If you do decide to make a cash advance withdrawal, remember that there is a minimum cash advance fee. For example, many cards have a 3% fee, which would be \u00a33 on a \u00a3100 cash advance. \u00a33 is also usually the minimum fee, so even if you withdrew \u00a350, you would still have to pay the \u00a33 fee.<\/li><\/ul><p>Credit cards generally aren\u2019t designed to be used as an ATM card, so if you think you\u2019ll regularly perform cash advances, you may want to consider another option to avoid accruing high fees and interest. Regardless, make sure to read the terms and conditions of your credit card before applying to ensure you\u2019re not confronted with any nasty surprises.<\/p><h3>Bottom line<\/h3><p>Cash withdrawals often come with an upfront fee and higher interest rate, making them a costly source of cash. They can also sometimes have additional restrictions, such as no interest-free period or reward points. It\u2019s worth also noting that cash advances can negatively impact your credit score, hurting your chances of getting credit products like credit cards or loans in the future. If you need money, consider <a href=\"#alternative-to-cash-advance\">alternatives to a cash advance<\/a>. <\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Is there a limit to how much I can get as a cash advance?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Expect your credit card to come with minimum and maximum cash advance limits. The minimum could be around \u00a310, and the maximum would depend on your card\u2019s credit limit and your card issuer\u2019s discretion.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">What is a cash advance fee?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Your credit card issuer can charge a fixed percentage of each cash advance transaction as a cash advance fee. There\u2019s usually a minimum cash advance fee amount as well. The cash advance fee normally applies to all ATM withdrawals, transfers and cash equivalent transactions.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">I\u2019ve used my new credit card to make purchases and cash advances. Can I repay the balance from the cash advance first?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Yes. In fact, your credit card issuer must allocate your payments to the transactions that attract the highest interest first. Since cash advances attract higher interest rates than purchases, you can expect your payments to automatically go towards your cash advance balance first.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>Cash advances continue to push many credit card users into huge debt. Learn what transactions qualify as a cash advance and what you need to consider first.<\/p>\n","protected":false},"author":195,"featured_media":142925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[2112],"tags":[],"asset_tag":[],"class_list":["post-142501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a cash advance? - Finder UK<\/title>\n<meta name=\"description\" content=\"Cash advances continue to push many credit card users into huge debt. Learn what transactions qualify as a cash advance and what you need to consider first.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/uk\/credit-cards\/what-is-defined-as-a-cash-advance\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a cash advance?\" \/>\n<meta property=\"og:description\" content=\"Cash advances continue to push many credit card users into huge debt. 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